Good to Know/About ICRB
The Indiana Compensation Rating Bureau (ICRB) is a private non-profit, unincorporated association of all insurance companies licensed to write workers compensation insurance in Indiana. The ICRB is a statutory rating organization as set forth in Chapter 27-7-2 of the Indiana Insurance Laws.
The law empowers the ICRB to gather information from its member companies that may be necessary to establish fair and adequate advisory rates. This information is submitted to the Indiana Department of Insurance for review and then distributed to all member companies who use the rates or file their own rates.
In addition to the data collection and ratemaking functions, the ICRB is responsible for various workers compensation programs: rules promulgation, experience rating, inspection and classification, assigned risk administration, industry education, and dispute resolution.
The ICRB is a member of the Workers Compensation Insurance Organizations (WCIO). The objectives of the Association are as follows:
1. To provide a forum to facilitate the lawful exchange of ideas and information between any entities statutorily authorized or licensed as rating, advisory or data service organizations for workers compensation insurance in one or more states to enhance the services provided by those organizations.
2. To advance levels of knowledge available to the Membership through the collection, interpretation and dissemination of information on subjects appropriate to the industry.
3. To conduct other lawful activities of benefit to the industry.